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How the Recent Updates Will Impact the Future of Stellar Lumens (XLM)

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Stellar Lumens (XLM) began its journey as a legitimate cryptocurrency in 2014. It was introduced as an open source protocol for value exchange to the traders. The past few years were not very fructuous for this coin as the price trend was generally downward due to the overwhelming influence of Bitcoin. However, the scenario started to change from the beginning of 2018 when Bitcoin’s price plummeted unprecedentedly and a significant number of traders started to have doubts about its stability. Stellar Lumens reached its apotheosis on January the 4th of this year when its market cap crossed the 15 billion USD mark. Since then, this coin has been performing reasonably well although it has been unable to reach the magic figure once again.

Very recently, the XLM development team has taken a few initiatives in order to make this cryptocurrency protocol more efficient and advantageous to its users. Here, some of its most recent updates would be discussed in order to depict a picture of their probable impact on XLM’s future.

The USD Anchor Network Progress and Launching of SDEX:

According to the news revealed by the Reddit community of this currency, the XLM Stronghold is about to launch the first USD anchor in the blockchain system. The Stronghold exchange is dependent on the Stellar Networks designed to be intrinsic in the protocol as well as in the decentralized mechanism. Since the inception of Stellar Lumens in 2014, the Stronghold exchange platform has been supporting this coin and this event of launching a USD anchor would not be an exception as well. Once the launching is completed, the XLM holders would be able to deposit and withdraw USD from the aforementioned anchor rather easily unlike the coin swap mechanism of other coins. This USD anchor, combined with inexpensive transaction system of this platform, is likely to facilitate a swift exchange with various other assets.

Besides launching the USD anchor, the Stellar Development Platform (SDF) is also about to launch their own decentralized exchange named Stellar Decentralised Exchange or SDEX. Both of these upgrades are likely to be completed shortly.

Negotiations to Purchase Chain:

The Stellar team is currently negotiating in order to purchase Chain, a reputed firm based in the San Francisco area that predominantly focuses on the blockchain technology. This firm is well-known in the crypto-world for designing the Sequence platform which is basically a ledger capable of securely tracking and transferring balances in a token format. If the XLM team becomes able to secure this deal after negotiation, Sequence would make Stellar’s blockchain system accessible to the software development enthusiast. As an obvious ramification, the platform focus would shift from ledger infrastructure to product scaling.

If the deal goes through successfully, the mode of payment would manifestly be XLM, the default currency of Stellar Lumens platform. As a result, the usability of this currency as a legitimate medium of payment and transaction would be promulgated to myriads of traders across the world. The Stellar platform has already been able to raise a significant amount of money (over 43 million USD), majorly because of the support from organizations like Citi Ventures, VISA, NASDAQ, and many others. The Stellar team has also announced giving away a total of $500 worth of XLM coins once this deal is closed which would certainly augment its circulation and popularity further.

Other Notable Upgrades:

This cryptocurrency has been engaged in several lucrative partnerships over the past few months and awaiting profitable outcomes from them. For example, in May 2018, IBM strongly indicated the fact that they have been working on a brand new cryptocurrency based on the blockchain ecosystem of Stellar Lumens. Also, Kik, a familiar name in the messaging and chat sector has also mentioned their interest in designing a cryptocurrency based on the same platform.

On June 22 of this year, a reputed Philippines based bank RCBC opted for Stellar instead of Ripple as a medium of transaction. Also, XLM is one among the top seven cryptocurrencies that are expected to be legalized in Thailand shortly.

Current Condition of Stellar:

As of 26th June 2018, Stellar Lumens holds the seventh position on the Coinmarketcap with a commendable market capitalization of circa 3.6 billion USD along with a price equivalent to nearly $0.19. Despite the universal downward trend in the cryptocurrency market, XLM has managed to exhibit some resilience in its price.

Final Thoughts:

Owing to the volatility of the cryptocurrency market, it is nearly impossible to predict the future of a coin accurately. According to many speculators, the price of Stellar is likely to dip a bit because of the $500 giveaway once this Chain purchase deal is done. However, after that sudden dip, the price is likely to go upward again rather expeditiously because of the new developments. Keeping these new upgrades in mind, it can be inferred that traders can still put their trust on this coin in 2018.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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